April 4, 2024 - (Gold Market Wire) - Gold is reaching the top of the big channel, having had a run of immense proportions. Unsurprisingly, it has stopped to rest.

Six months, $500/.oz of upside action. That is one for the books, indeed. Now we are likely to pause. The "reset" we spoke of earlier is now embedded in the market. It is tough to envision a world in which we see prices below $2,000 again, but we must, of course be aware that it is exactly such a move that could get us to $3,000. Volatility is not going to go away any time soon.

Silver, has finally caught up - which gives a sense of strength to the Gold move. The recent run has been huge, even by Silver standards.

The monetary system is taking on a new light, where people are charging to Gold for safety. Weaponizing the US Dollar in the political arena has left big players with little other choice. Sanctioning players within the Dollar system is only going to encourage Gold bulls even more. If and/or when the infamous $300 billion in frozen Russian assets gets released for Ukraine's war efforts, we will likely see another sharp move. Much of what we have just experienced in the metals has been on the back of anticipating it. Confirmation will solidify the move higher.

Those who bought the break-out on the resistance, capturing the "sky-ball" we warned about, may consider taking profits here. Pullbacks could be quick and deep, but could also be considered buying opportunities. $2350 is a natural top, given the chart formation. Beyond that, we see little until $2600. A pullback before the next charge would not be un-natural.

The system continues to deteriorate. The Metals do what they're supposed to under such conditions.